BioPay Unveils Latest Biometric Technology to Eliminate Fraud

BioPay Compiles Largest Non-Governmental Electronic Biometric Database

Herndon, VA — November 12, 2001

Biometric identification leader BioPay, LLC today unveiled its latest software to eliminate check transaction fraud. And, BioPay maintains the nation's largest commercial electronic biometric database. No other company has such a resource.

BioPay 4.0 uses biometric technology to electronically scan a customer's finger, store a template of the finger image, and then record check cashing or check purchasing transactions associated with that person. Refined alert mechanisms in BioPay 4.0 warn the clerk or teller of a potential bad check before the transaction is completed, enabling the transaction to be declined before it is processed, saving the company money it may have otherwise lost. New check imaging functionality enables managers to store multiple "looks" and "views" of checks for extended periods, offering historical data on customers' transactions. Newly integrated fee processing and reporting methods enable employees to spend less time compiling data and completing transactions.

BioPay customer tellers and retail clerks have access to the nation's largest commercial electronic biometric database to help identify fraud artists and check-bouncers.

"There is an overwhelming demand by retailers and banks to deploy technology that eliminates fraud and reduces write-offs," said Tim Robinson, president, BioPay. "Businesses want a comfort-level before completing a transaction... they want to know they are going to get their money." With BioPay's vast electronic biometric database clerks and tellers can quickly complete transactions knowing the payment they received or the check they cashed is authentic and won't bounce.

The New Features of BioPay 4.0

• Check Imaging — As part of the MICR reader, a user can set parameters for capturing check views (i.e. automatically programs device to capture front of check, front-and-back of check, and more). This is helpful in viewing a customer's transaction history. Images are stored on BioPay's server for added security.
• Simplified Fee Processing — Users can pre-set and automatically calculate fees, helping to reduce bookkeeping and manager involvement.
• Advanced Reporting Functionality — Helps managers compile and read data.
  • Systems Totals allows for comprehensive and selected data range queries regarding number of checks processed, dollar amounts and daily totals.
  • Automatic Receipt Printing enables managers to automatically print receipts for all transactions.
• Redesigned Warning Levels — Alerts clerks and tellers of potential bad checks.
  • Red — A warning that a customer has a negative check transaction history.
  • Green — An indication that the customer has a positive check transaction history.
  • Yellow — An alert that a customer has some negative transaction history.

"I have never seen a better system," said Rafik Shuman, owner, Pal Market, East Palo Alto, CA. "Not only can I easily stop check fraud before it occurs but I can easily manage all my check-related transactions. BioPay enables me to spend less time running reports and more time serving my customers. I'm 100% satisfied."

How It Works

The process is easy. On initial check-presentment the customer gives the merchant or bank teller his/her driver's license or other ID for scanning or inputting into the BioPay database. At the same time, the customer's two index fingers are scanned and an electronic photo is taken of the customer. The entire process takes about two minutes and all information is stored within the BioPay system. A repeat customer need only scan their finger to complete future transactions.

What Are Biometrics?

Biometrics are unique physical or behavioral characteristics of an individual which can be measured and thus compared. Various types of biometrics include finger scanning, iris recognition, voiceprints (speaker verification), facial recognition, and hand geometry.

Because biometrics are bound to an individual, they can't be shared, lost, stolen or forgotten, meaning they give the highest level of security available and can be used in place of sharing personal data such as checking or credit card account numbers with store clerks.

BioPay 4.0 will be featured for the first time at COMDEX in Las Vegas, November 12-16. Please come by Booth #L1975 to see a personal demo.

About BioPay, LLC

Since 1999, BioPay has been providing smart, secure methods for processing financial transactions. Its Paycheck Secure systems help businesses substantially reduce fraud and give consumers a convenient method for cashing checks. BioPay's payment service offers merchants a low-cost form of customer payment and gives consumers a secure, fast and convenient way to pay for purchases. BioPay's patent-pending systems for merchants, banks and financial service organizations have been implemented across the nation. BioPay's value to consumers and merchants has created the nation's largest commercial electronic biometric database. For more information on BioPay and its market-leading products please visit www.biopay.com.